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7150 – Business Economics

Businesses are affected by economic variables in an around them, most of which remain within theircontrol. However, the external environment has been emerging as the volatile, most dynamic andinfluential part of the business environment in recent years and more management knowledge of bothMicro and Macro economic shocks is now required, to ensure operations remain in place, regardless of the unexpected changes in the economy. Even though the focus of managers is on making profit for the business, they cannot operate independently without the influence of the overall economy at large. Therefore, this course is designed to provide students with the in-depth theoretical knowledge and critical understanding of both Micro and Micro- Economic influences on the business and how to adapt to them in a way that ensures continuity of operations, growth and profitability. They will develop advanced analytic skills and be able to forecast the changes that the economic environment may bring and deal with them profitably.

About this course:

  • Micro Economic Theory:
  • -Firms and their objectives
  • -Theory of Demand and Supply
  • -Production decisions
  • -Costs and Profit maximisation combinations
  • -Decision making systems
  • -Market structures
  • Macroeconomic Environment
  • -National Income accounting
  • -Fiscal policy
  • -Monetary Policy
  • -Types of government intervention
  • -Business Reaction to government intervention
Learning outcomes (knowledge and skills)

On successful completion of this course, the student will be able to:

  • demonstrate a critical awareness and understanding of Business Economics for Managers at the master’s level that provides a basis for developing and/or applying new ideas, often within a research context.
  • apply knowledge, critical understanding, and problem-solving abilities in new or unfamiliar environments within broader (or multidisciplinary) contexts related to their field of study (Business Economics for Managers)
  • assimilate knowledge and formulate opinions with incomplete or limited information, but that include a reflection on social and ethical responsibilities.
  • communicate their assumptions, and knowledge regarding Business Economics for Managers and the rationale underpinning these, to specialist and non-specialist audiences clearly and unambiguously.
  • use the acquired skills to allow them to continue to study in a manner that may be largely self-directed and autonomous.
  • integrate knowledge from other courses of the master program and practical business and formulate critical judgments with incomplete data.
Learning and teaching strategy

The course is offered as self-study in e-learning. The learning material is provided in the form of lectures, literature, and lecture notes. Independent learning is required. In the case of paper submissions, further research is expected in compliance with the given scientific standard. LIVE course sessions are offered to support the students with questions regarding the content. Students are supported in their scientific work by corresponding online seminars.

All lectures and learning materials are made available in the online campus GHU Campus. All lectures are recorded and are available for download 24/7. The lecture notes, as well as additional material provided by the lecturer, can also be accessed in the GHU Campus.

Documents for exam preparation consisting of lectures and lecture notes. Additional material provided by the lecturer serves as independent files and can be used to work on the exams. The examination comprises theory questions, reflection, and case study and is intended to confirm all learning objectives.

Assessment scheme

The assessment consists of a 5000-word Business Economics for Managers essay and assesses all learning outcomes. As a master-level assignment, the essay requires a command of a complex and specialized area of knowledge and skills. This implies that, in addition to demonstrating a sound grasp of the ideas and concepts relevant to the topic of theessay, students will show that they can evaluate aspects such as conventions of approaches, their internal consistency, relevance, and applicability, as well as strengths and weaknesses.

To reach an assessment, students will consider competing approaches and draw on critiques put forward in scholarly literature. The position adopted in the assignment and any claims made must be based on a careful, coherent, and logical arguments, need to be appropriately supported with evidence from relevant scholarly sources, and should be presented in a coherent piece of writing. Sources must be referenced appropriately in-text and in a quote/reference list as set out in the GHU Referencing Guidelines.

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